Formby-based Granite Underwriting was established in 1982 and provides insurance services to drivers of private hire taxis, black taxis, Uber and other large operators. Tony McDonough reports

Merseyside specialist taxi insurance business Granite Underwriting is to create 300 new jobs for the main company and for its direct insurance subsidiary, Acorn.

Formby-based Granite was established in 1982 and provides insurance services to drivers of private hire taxis, black taxis, Uber and other large operators in the sector as well as specialist cover for private car and light commercial vehicles.

The firm is looking to expand across a range of functions at all levels including underwriting, actuarial, customer service, claims handling, finance and HR.

It has recently appointed Jonathon Rhydderch as underwriting director and David Greaves as schemes and trading director following the appointment earlier this year of industry veteran Steve Ashton as non-executive chairman.

Mr Ashton is working with the board and the management team, led by founding shareholders Alan Keating and Martin Gowing, to support the company’s growth strategy and plans for further innovation. 

Mr Keating said: “I am pleased by the rapid pace at which our business continues to grow, underpinned by our ambitious expansion plans.  I look forward to welcoming more highly capable people to the team as we continue our exciting growth journey.”

In January 2019, Inflexion Private Equity acquired a minority shareholding in Granite Underwriting.  The business is now implementing a growth strategy as it seeks to grow market share further.

The motor insurance market is estimated to be worth £16bn in the UK, with Granite underwriting more than £220m in 2017. Granite is the clear market leader in the specialist space, with a 25% share of the UK taxi insurance market.